OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

(ix) Other Security Agreement: Not applicable.
senior unsecured debt long term rating of Société
Générale is then rated at least “A1” by Moody’s,
otherwise another bank whose short term rating
is rated at least “Prime-1” by Moody’s and the
senior unsecured debt long term rating of such
other bank is rated at least “A1” by Moody’s as
more fully set out in the Deposit Agreement
(provided that the identity of such bank has been
notified to the Trustee and the cost of the
replacement of any such Deposit Bank by such
bank shall be at the expense of the relevant bank
or the Deposit Bank and not at the expense of the
Issuer).
(x) Swap (if applicable): The description of the Swap Agreements set out
below is a summary of certain features of the
Swap Agreements and is qualified by reference
to the detailed provisions of the Swap
Agreements.
Payments under the Swap Agreements
Pursuant to a 1992 ISDA Master Agreement
(Multicurrency-Cross Border) (the
“Agreement”) dated as of 1 April 2005
(including the Schedule thereto), the Issuer has
entered into a credit default swap with the
Default Swap Counterparty (as defined in
paragraph 22(xi)) with an effective date of the
Issue Date (the “Effective Date”) (the “Default
Swap”) and an interest rate swap with the
Interest Rate Swap Counterparty (as defined in
paragraph 22(xi)) with an effective date of the
Issue Date (the “Interest Rate Swap”, which
expression shall include any substitute interest
rate swap with any substitute swap counterparty
entered into pursuant to the terms of such interest
rate swap) (the Default Swap and the Interest
Rate Swap each a “Swap Agreement” and
together the “Swap Agreements”).
The Default Swap shall be substantially in the
form attached as Annex 2 hereto.
Pursuant to the Interest Rate Swap, the Issuer
will pay to the Interest Rate Swap Counterparty
an initial fixed payment of EUR 105,479.48 and
thereafter on each Interest Payment Date an
amount which, together with the fixed payments
made by the Default Swap Counterparty
pursuant to the Default Swap and the floating
amounts payable by the Deposit Bank pursuant
to the Deposit Agreement, each as referred to
above, will be at least equal to the aggregate
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